Jardine Lloyd Thompson’s subsidiary JLT Re has signed an agreement with March JLT to establish a joint venture in Spain, in a bid to expand reinsurance opportunities.
JLT Re chairman Ross Howard said: "Following a review of our strategy in Europe this joint venture with March JLT allows us to continue to build on and grow our relationships in the region whilst capitalizing on the reputation of March JLT.
"The agreement will significantly strengthen the services and product offerings which will be supported with a high level of technical and reinsurance broking skills from London for the benefit of existing and prospective clients."
March JLT chief executive officer Carlos Navarro said: "This joint venture is an opportunity for March JLT to reinforce the services offered to our existing and future clients.
"Combining the reinsurance expertise of JLT Re and our knowledge of the market will help us to maintain our leadership as a provider of insurance solutions in key sectors like construction, energy, financial services or employment benefits, both local and internationally."
The teaming agreement will see Richard Shinner, who had previously led JLT Towers Re’s Spanish business, move to London to join the group’s marine and energy wholesale practice.
The relocation is expected to put JLT Re in an ideal position to better exploit cross-border opportunities.
JLT Re has established North American and London Market reinsurance broking businesses, and currently employs more than 700 professionals in 30 locations across 16 countries.
Image: JLT Re and March JLT have agreed to establish a joint venture in Spain. Photo: courtesy of stockimages/©2014 FreeDigitalPhotos.net.